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New IPL team: which city, what price?

Hyderabad\'s PVP Ventures and Noida-based Jaypee Group are certain to bid, with the base price around Rs 600 crore.

Sometime by Thursday afternoon, we will come to know which city will replace Deccan Chargers as the new Indian Premier League franchise and how much moolah will the BCCI coffers be filled with. But the BCCI isn't revealing its cards, keeping everything related to the auction of the new franchise under cover.

Nothing much is known about who all are interested to be the youngest member of the IPL family, but PVP Ventures from Hyderabad and Noida-based Jaypee Group are certain to bid.

"We will put our best foot forward. We're ready to go the distance," DNA learned from Potluri Vara Prasad, the head of the PVP Ventures. Deccan had refused a bid of Rs 900 crore offered by Prasad before the franchise was terminated by the BCCI, which testifies their interest in buying an IPL team.

As far as the BCCI is concernred, it's "confident" of getting a good price, whosoever the buyer be. "We're confident we will get a very good price," a top BCCI official told DNA on condition of anonymity, while refusing to name the interested bidders.

Jaypee Group, reported DNA, are also itching to place a bid. They even wrote to the Indian board seeking clarifications on some of the bullet points related to the tender process and the amount to be paid immediately after the bidding.

According to DNA, the base price for the new franchise is reportedly Rs 600 crore to be paid over 10 years, other than a performance deposit of Rs 20 crore to be paid upfront. Apart from that, the new owner will have to provide a bank guarantee for one year's payment.

Videocon and the Adanis of Ahmedabad could be the other industry giants involved in the bidding process but no details were available about the level of their interest.